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Grizzly Discoveries Inc. (TSX VENTURE:GZD) (OTCQX:GZDIF) (FRANKFURT:G6H) provides the following update for its Alberta Potash Project:
Key Points
The company has:
Brian Testo, President and Chief Executive Officer of Grizzly, states that “our investors have given us a clear mandate to advance our potash and gold exploration projects. This potash program will utilize approximately $3 million of the $8 million we have raised since December, 2010, which is comparable to our expenditures on gold exploration this season. These programs have the potential to deliver one or more new discoveries and are the most aggressive in the company’s history.”
The company currently has a 100% interest in just over 1.88 million acres in two major blocks, with the North block centered about the towns of Lloydminster and Provost and the South block Northeast of Medicine Hat (see Grizzly’s web site at www.grizzlydiscoveries.com for an updated map). In addition, Grizzly holds a 50% interest in an additional 458,000 acres in 21 Metallic and Industrial Mineral Permits (“MAIM Permits”), the Provost Property, centered on the town of Provost along the Alberta – Saskatchewan border. The company’s entire Alberta Potash Project is underlain by the potash-bearing Prairie Evaporite Formation. The property is road accessible and can be explored year round.
Seismic Work
The company has engaged Boyd of Calgary, Alberta to conduct an aggressive Stage 1 seismic data acquisition and interpretation program in order to identify drill targets on the most prospective areas of potash on its 100%-owned MAIM Permits in the Alberta Potash Project. Once Boyd completes its work, a series of drill targets will be selected for drilling, leading to land use applications for drilling. The Company will then engage a drilling contractor with the intent to commence drilling late in the 3rdor 4th calendar quarter of 2011.
New Metallic & Industrial Mineral Permit Applications
Grizzly and PPC, on a tenants-in-common basis, have applied for three additional MAIM Permits totaling approximately 65,000 acres located along the Alberta – Saskatchewan Border and immediately adjoining the 458,000 acre existing Provost Property acquired with PPC in April, 2011. These lands were acquired to cover potential extensions into Alberta of the Patience Lake Member of the Prairie Evaporite Formation, as documented by the Saskatchewan Ministry of Energy and Resources Open File 2009-24. This document interprets the eastern margins of the new permits to be underlain by 3 to 6 meter thicknesses of potash within the Patience Lake Member, which in turn is overlain by a salt back of 1 to 3 meters. Thickness of the salt back increases to the north, attaining 3 to 6 meters near the Alberta – Saskatchewan border north of Provost.
Planned 2011 Drill Program
The company is currently planning to apply for permits to drill two holes on its 100% owned North block in the Provost-Lloydminster area and two holes on its 100% owned South block in the Medicine Hat area In addition, the company will drill two holes on the Provost Property with PPC funding in proportion to its 50% interest in the Provost Property. In the Lloydminster area, the Patience Lake Member of the Prairie Evaporite Formation is interpreted to occur at depths ranging from 1,050 to 1,100 m. In the Provost area, the Patience Lake Member is interpreted to occur at depths ranging from 1,300 to 1,450 m below surface. Klarenbach (2009) suggested that gamma-ray responses from historic oil and gas wells in the area may indicate 1 to 5 m thick potash beds with grades ranging from 15 to 25 per cent K2O. In the Medicine Hat area, the Patience Lake Member is interpreted to occur at depths ranging from 1,600 to 1,650 m below surface.
Further updates will be provided once permitting has been completed and drill contractors selected.
All 2011 field and office exploration programs are conducted under the supervision of Mr. Michael Dufresne, M.Sc., P.Geol., a principal of APEX Geoscience Ltd. and a Qualified Person under National Instrument 43-101.
About Grizzly Discoveries Inc.
Grizzly trades on the TSX Venture Exchange under the symbol GZD, on the OTCQX exchange under the symbol GZDIF, and the Frankfurt Exchange under the symbol G6H, with 48,315,268 common shares issued and outstanding.
Grizzly is an aggressive Canadian exploration company focused on exploring for: potash in Alberta; world class gold and base metal deposits in British Columbia; and diamonds in Alberta. Grizzly holds, or has an interest in, metallic and industrial mineral permits for potash totaling more than 2.34 million acres along the Alberta-Saskatchewan border. Grizzly currently has four precious-base metal properties in British Columbia totaling over 235,000 acres. Grizzly also currently holds more than 600,000 acres in diamond properties which host diamondiferous kimberlites in the Buffalo Head Hills and Birch Mountains of Alberta.
On behalf of the Board
Grizzly Discoveries Inc.
Brian Testo, President
Caution concerning forward-looking information
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
